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Cairo: August 28
Egypt has approved a new tax incentive package that includes exempting strategic industrial projects from all types of taxes, except value-added tax, for up to 5 years, provided that the Council of Ministers issues a detailed decision defining these industries, provided that projects are implemented and operated, according to their size, within a maximum period of 3 years.
The directives of Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, to the government included the possibility of extending the exemption to an additional 5 years for a specific number of these strategic industries, provided that they achieve specific targets, according to the volume of foreign investment and the controls set by the Council of Ministers.
The directives included the possibility of recovering a percentage of the land value of up to 50%, provided that the project is implemented in half of the period specified for it, and the expansion of granting the golden license to all projects aimed at deepening local industrialization.
These decisions came after a meeting held by the Egyptian President, Sunday, with Dr. Mostafa Madbouly, Prime Minister, and Eng. Ahmed Samir, Minister of Trade and Industry.
The meeting witnessed follow-up on the implementation of the national strategy for industry development, and the future vision adopted by the state to raise the growth rates of this sector and develop its share of the gross domestic product.
The meeting discussed increasing the volume and quality of industrial exports, and developments in the ongoing efforts to establish integrated industrial clusters and zones, and support for manufacturing industries.
During the meeting, Sisi directed to intensify efforts to develop the Egyptian industry, continue to empower the industrial private sector, and overcome obstacles in front of it.
